The National Petroleum Authority (NPA) has in a letter asked Oil Marketing Companies (OMCs) and other players to increase the Unified Petroleum Price Fund (UPPF) and the Bulk Oil Storage and Transportation (BOST) margins on fuel from.
The directive takes effect today, December 1, 2022.
The NPA asked OMCs to increase the UPPF margin up from 36 pesewas to 47 pesewas on every liter of Petrol and Diesel sold at the pumps. In addition, the UPPF for Kerosine, LPG and Premix fuel have all gone up by 11 pesewas.
The increase is needed to ensure that, freight rates reflect current economic conditions in the country, According to the NPA,
The UPPF is used to support the transportation of petroleum products around the country to ensure that price of the product are the same in every part of the country irrespective of the location.
The letter has also asked the various players to also increase the BOST margin by 2 pesewas. The BOST margin for Petrol, Diesel and kerosene have all gone up by 2 pesewas.